Minister of Trade, Industry and Competition Parks Tau has lambasted the conduct of the business rescue practitioners (BRPs) of financially distressed, suspended JSE-listed sugar producer and property developer Tongaat Hulett.
Tau said the Companies Act is being “abused and perverted” by the BRPs in an attempt to force the liquidation of Tongaat “against the public interest”. This in an affidavit released on Friday opposing the high court application by the BRPs to discontinue the business rescue and liquidate the company.
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